Category: Businessn law

This is the law concerned with the bundle of rights a person may have on land. Such rights may be exclusive or otherwise. Property law defines the range of functions a person may exercise in a given situation at a Read more

NATURE AND CHARACTERISTICS What is a negotiable instrument? This is a document which represents money and the title in passes to a bona fide transferee free from only defect. It is a chose in action. Negotiable instruments are transferable by Read more

NATURE OF THE CONTRACT Insurance is an important part of modern life. Individuals and businesses take out insurance to protect themselves from loss that may occur due to damage to property or loss of life. What is insurance? This is Read more

NATURE OF THE CONTRACTS INDEMNITY CONTRACT In the contract of Indemnity, a person agrees to rescue another person who is a party of some other contract and come across any loss out of the same. The loss can be incurred Read more

Introduction Partnership is the relation which subsists between persons carrying on a business in common with a view of profit. Characteristics of partnership 1. Membership-The logical minimum number in partnership is 2 with a maximum of 20. 2. It is Read more

Meaning “An agent is a person employed to do any act for another or to represent another in dealings with third persons. The person for whom such is done, or who is represented, is called the principal”. The contract which Read more

NATURE OF HIRE PURCHASE CONTRACT Definition of hire purchase This is a contract by which goods are delivered to a person who agrees to make periodical payments by way of hire, with an option of buying the goods after the Read more

Incoterms What are Incoterms Incoterms – a.k.a. Trade Terms are key elements of international contracts of sale. They tell the parties what to do with respect to carriage of the goods from buyer to seller, and export & import clearance. Read more

Introduction Businesses and consumers are usually free to contract on whatever terms they see fit. However, contracts involving sales of goods can be subject to a range of statutory provisions. It is important to distinguish between sale of goods and Read more

Whenever there is a breach of contract, the injured party becomes entitled for some remedies. These remedies are:- a) Damages b) Quantums Meruit c) Specific Performance d) Injunction e) Rescission These are explained below Damages Damages are a monetary compensation Read more